3M Highlights Progress and Performance at Investor Meeting.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 3M's future is brighter than ever, W. James McNerney Walter James "Jim" McNerney, Jr., is an American businessman. On June 30, 2005 he was named the CEO of The Boeing Company. Prior to that, McNerney was the Chairman and Chief Executive of 3M. He had been a member of the Boeing board of directors since 2001. , Jr., chairman of the board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , told 3M investors and analysts today at the Waldorf Astoria in New York. "3M is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of a transformation," McNerney said. "Six Sigma Not to be confused with Sigma 6. Six Sigma is a set of practices originally developed by Motorola to systematically improve processes by eliminating defects.[1] A defect is defined as nonconformity of a product or service to its specifications. , 3M Acceleration and our other corporate initiatives are now integrated into every business, every function and every subsidiary of 3M, and we expect they will generate both productivity improvements and revenue growth for years to come. Our organic growth engine continues to strengthen through our 3M Acceleration initiative, through our extensive international reach, and through new technology platforms that are moving us into faster-growth markets." He also noted that these initiatives are clearly raising the performance levels of our legacy businesses. Other presenters at the meeting were Moe Nozari, Harold Wiens, Brad Sauer and Jim Stake, the 3M executive vice presidents responsible for its Consumer and Office, Industrial, Health Care, and Display and Graphics businesses. Inge Thulin, executive vice president for International, Jay Ihlenfeld, senior vice president for Research and Development, and Pat Campbell, senior vice president and chief financial officer, also spoke. Campbell extended 3M's financial outlook of 12 percent-14 percent earnings per share growth through 2006. "We expect 5 to 8 percent local currency growth from our portfolio," Campbell said. "Combined with the ongoing $400 million per year in savings we expect to generate through our corporate initiatives, we believe this organic growth rate will drive sustainable 12-14 percent earnings per share growth over the next two years." In addition, Campbell highlighted 3M's industry-leading returns on capital and strong cash-generation capability. Ihlenfeld described a growing number of 3M technology platforms and specifically highlighted 3M's participation in emerging technologies, such as nanotechnology, track and trace, and micro-filtration and bio-separation. He emphasized that 3M leverages multiple technology platforms into diverse markets. "3M excels by working with customers to find high-value applications for our technologies," said Ihlenfeld, who reported that 3M expects its new-product pipeline will generate more than $5.5 billion in sales of new products over the next three years. The 3M business leaders updated the progress of some of 3M's most important growth drivers, including optical films for the LCD flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time market and immune response immune response n. An integrated bodily response to an antigen, especially one mediated by lymphocytes and involving recognition of antigens by specific antibodies or previously sensitized lymphocytes. modifiers, a family of pharmaceuticals including Aldara (imiquimod) cream, 5%, which received two FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approvals in 2004, and provided insight into winning strategies driving the rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. of established businesses like Industrial and Consumer and Office. The presentation also focused on the company's strong ability to drive growth in developing markets like greater China, India and Eastern Europe. A webcast of the entire event will be available for the next several weeks at http://investor.3M.com. Forward-Looking Statements This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) about the Company's financial results and estimates, business prospects, and products under development that involve substantial risks and uncertainties. You can identify these statements by the use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic conditions; (2) foreign currency exchange rates and fluctuations in those rates; (3) the timing and acceptance of new product offerings; (4) the availability and cost of purchased components and materials, including oil-derived compounds; (5) 3M's ability to successfully integrate and obtain the anticipated synergies from acquisitions and strategic alliances; (6) generating less operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from its corporate initiatives than estimated; and (7) legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. , including the outcome of and information derived from pending Congressional action concerning asbestos-related litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other significant developments that could occur in the legal proceedings described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2003, and its subsequent periodic reports on Forms 10-Q (the "Reports"). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports. The information contained in this news release is as of the date indicated. The Company assumes no obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments. About 3M -- A Global, Diversified Technology Company Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever they do, the company's customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company's 67,000 people use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation. For more information, including the latest product and technology news, visit www.3M.com. Aldara, Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M. |
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